Chesapeake Targets 'Aubrey Discount'

Aubrey K. McClendon's stormy reign as chief executive of Chesapeake Energy Corp. is ending because top investors grew tired of what they termed the "Aubrey discount."

Chesapeake's largest shareholders, Southeastern Asset Management Inc. and investor Carl Icahn, persuaded its board that Wall Street had lost confidence in Mr. McClendon, who they argued was weighing down the company's stock price, according to a person...